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WILLIAMS INDUSTRIES REPORTS RESULTS

 FALLS CHURCH, Va., Dec. 14 /PRNewswire/ -- Williams Industries, Inc., (NASDAQ-NMS: WMSI) a major provider of construction services in the United States, today announced its first quarter results for fiscal year 1993. As projected by management at the recent annual meeting of shareholders, the company lost $734,062 or $0.29 per share on revenues of $18,805,193 for the quarter ending Oct. 31, 1992. For the comparable period last year, the company earned $146,573 or $0.06 per share on revenues of $22,311,897.
 Williams Chairman and CEO Frank E. Williams, Jr., said the declining revenues were primarily due to the continued recession in the construction industry in the company's market areas. Williams said that while the company's management was concerned about the reduction in overall revenue levels, there is equal focus on the problem of declining gross profit margins due to the continuing intense competition in the industry caused by the recession.
 Williams said he was "guardedly optimistic" that conditions will improve when the substantial infrastructure funds promised in the President-elect's budget materialize. However, he refused to make projections based on what he termed "political promises which can fade away."
 He said that management's current projections, based on no improvement in the economy, show the company returning to profitability in the fourth quarter of fiscal 1993. If the economy were to improve, he noted, then so would the fortunes of Williams Industries, which the chairman described as "perfectly poised to take advantage of any upswing."
 WILLIAMS INDUSTRIES, INCORPORATED
 Consolidated Balance Sheets
 (unaudited)
 Assets Oct. 31, 1992 July 31, 1992
 Cash and cash equivalents $1,620,414 $2,395,094
 Accounts and notes receivable 21,807,520 20,663,356
 Inventories 4,395,387 4,410,336
 Cost and estimated earnings in excess of
 billings on uncompleted contracts 5,835,628 7,144,615
 Deferred construction costs 970,534 970,534
 Investments in unconsolidated affiliates 1,993,435 1,972,942
 Property and equipment, net of accumulated
 depreciation and amortization 21,228,355 21,599,686
 Prepaid expenses and other assets 3,770,955 3,821,681
 Total assets 61,622,228 62,978,244
 Liabilities
 Notes payable 30,907,157 31,361,861
 Accounts payable 8,836,173 9,559,725
 Accrued compensation, payroll taxes and
 amounts withheld from employees 1,427,683 1,908,796
 Billings in excess of costs and estimated,
 earnings on uncompleted contracts 1,397,560 1,033,770
 Other accrued expenses 4,912,383 4,270,212
 Income taxes payable 15,366 62,000
 Total liabilities 47,496,312 48,196,364
 Minority interests 891,455 863,893
 Stockholders' equity
 Common stock -- $.10 par value, 10,000,000
 shares authorized, 2,522,227 and
 2,509,590 issued and outstanding 252,223 250,960
 Additional paid-in capital 13,058,346 13,009,072
 Retained earnings (76,107) 657,955
 Total stockholders' equity 13,234,461 13,917,987
 Total liabilities and
 stockholders' equity 61,622,228 62,978,244
 WILLIAMS INDUSTRIES, INCORPORATED
 Consolidated Statements of Operations
 (unaudited)
 Three months ended Oct. 31 1992 1991
 Revenue
 Construction $8,922,425 $11,373,675
 Manufacturing 9,677,874 10,646,974
 Financial services 204,884 291,248
 Total revenue 18,805,183 22,311,897
 Direct Cost
 Construction 7,012,854 8,041,730
 Manufacturing 6,819,829 6,851,769
 Financial services 52,783 45,849
 Total direct cost 13,885,466 14,939,348
 Gross profit 4,919,717 7,372,549
 Expense
 Overhead 1,772,877 2,355,716
 General and administrative 2,875,049 3,171,629
 Depreciation 511,867 601,721
 Interest 490,269 949,134
 Total expense 5,650,062 7,078,200
 Earnings (loss) before income taxes (730,345) 294,349
 Income taxes -- 100,800
 Earnings (loss) before equity in earnings
 and minority interests (730,345) 193,549
 Equity in earnings of unconsolidated
 affiliates 23,845 5,460
 Minority interests in consolidated
 subsidiaries (27,562) (52,436)
 Net earnings (loss) (734,062) 146,573
 Earnings (loss) per share $(.29) $.06
 -0- 12/14/92
 /CONTACT: Marianne V. Pastor of Williams Industries, 703-560-5196/
 (WMSI)


CO: Williams Industries, Inc. ST: Virginia IN: CST SU: ERN

LD-KD -- NY081 -- 6968 12/14/92 18:54 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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